LAPTOP's 98% collapse sets the benchmark for four celebrity tokens

• LAPTOP fell from US$190.81 to US$3.70 within an hour of its 9 September launch on Base, a drop of about 98%.
• Market capitalisations across these five tokens span roughly US$781,000 to US$1.24 billion, with drawdowns from peak running between 95% and 99%.
• US lawmakers are seeking restrictions on political figures issuing memecoins, while SEC guidance has separately addressed celebrity crypto promotions.

Hunter Biden launched the LAPTOP token at 8:02am ET on Wednesday 9 September 2026, and it lost roughly 98% of its value inside an hour.

The token's airdrop had been designed to compensate wallets that lost money on Donald Trump's TRUMP token - a group that, by one estimate, is nearly a million holders down US$3.81 billion.

LAPTOP is set out first, measured on three things every token in this group discloses: market capitalisation, drawdown from all-time high, and daily trading volume.

Four political and celebrity tokens follow, ordered largest to smallest by market capitalisation.

The pattern that repeats across all five is a peak reached within hours and a floor reached shortly after.

LAPTOP (CRYPTO:LAPTOP) - The fastest collapse in the group

LAPTOP reached US$190.81 two minutes after opening, then fell to US$3.70 inside the hour.

The token launched on Base, Coinbase's Ethereum layer-2 network, on 9 September 2026. At its peak, blockchain intelligence firm Arkham recorded a fully diluted valuation near US$144 billion against a liquidity pool holding US$48,000.

An hour after opening the price had settled at US$4.77, with the pool at US$2.5 million.

Roughly US$19 million traded across 314 pairs in that first hour. Analytics platform Bubblemaps reported about 80% of traders lost money, with more than 15,000 wallets moving into the red.

On-chain data showed a project-linked multisig wallet received 100 million tokens, a tenth of supply, a week before launch and subsequently sold about 42.5 million.

Biden said the team's allocation was locked, that nobody on his side sold, and that he had not personally made a dollar, attributing the fall to technical issues and to traders outpacing liquidity providers.

Working in its favour: about US$19 million changed hands across 314 trading pairs in the first hour, the deepest launch-day activity of any token in this group.

The pressure point: a US$48,000 liquidity pool against a US$144 billion fully diluted valuation left no depth to absorb selling, and the price fell 98% before most buyers could exit.

Official Trump (CRYPTO:TRUMP) - The token LAPTOP was built to reference

TRUMP trades near US$2.24, down about 97% from a peak close to US$75.

The token launched in January 2025 and reached its high within days. Market capitalisation was US$629.2 million on 8 September 2026, with daily volume of US$203.6 million - the deepest liquidity in this group by a wide margin.

Near a million holders have collectively lost an estimated US$3.81 billion. Peak market capitalisation approached US$15 billion; the current figure is roughly 4% of that.

The comparison with LAPTOP is direct and unflattering to both: after falling 98% in ninety minutes, LAPTOP still carried a market capitalisation near US$1.24 billion - close to twice TRUMP's US$629.2 million, on a fraction of the trading depth.

TRUMP took months to reach the drawdown LAPTOP reached before lunch.

Working in its favour: daily volume of US$203.6 million on 8 September gives holders an exit that the smaller tokens in this group do not have.

The pressure point: market capitalisation has fallen from near US$15 billion to US$629.2 million, and holder losses are estimated at US$3.81 billion.

Melania Meme (CRYPTO:MELANIA) - Eighteen months to reach where LAPTOP started

MELANIA trades at US$0.103102, down 99.21% from its all-time high of US$13.05.

Grafa records a market capitalisation of US$103.09 million, down 9.0% over 24 hours, ranking the token 271st. Total volume was US$8.99 million, with the price falling 9.05% from a previous close of US$0.11336538 and trading between US$0.101846 and US$0.114833. The all-time high was set on 19 January 2025, days after launch; the all-time low of US$0.066246 came on 6 June 2026. Over one month the token is up 35.49%, though down 5.38% over five days and 48.17% over a year. Against LAPTOP's post-crash market capitalisation near US$1.24 billion, MELANIA is roughly a twelfth of the size. It took eighteen months to reach a drawdown LAPTOP reached in ninety minutes.

Working in its favour: US$8.99 million in volume and a 271st market-cap ranking make it the only token in this group outside TRUMP with meaningful depth.

The pressure point: a 99.21% fall from US$13.05, with the full circulating supply of 1 billion tokens already in the market and no further unlock to absorb.

Jeo Boden (CRYPTO:BODEN) - The counter-move that repeated the pattern

BODEN spiked to US$0.00336295 as LAPTOP launched, then fell 45.40% in 24 hours.

This is the group's counter-example, and it ended the same way. The two-year-old Solana token satirising former President Joe Biden rallied 65.53% over the past month, most of it around LAPTOP's arrival, before giving back most of the move.

Grafa records a last price of US$0.00140386 against a previous close of US$0.00256991, a market capitalisation of US$969.11K down 45.3%, and volume of US$1.05 million - far above its normal level for a token ranked 2916th. From its 24-hour high, BODEN is down about 58%. Nothing about the token changed. There was no announcement and no development; GitHub commits stand at zero over both one and four weeks. A different Biden launched a different token on a different blockchain, and a dormant ticker repriced — then unwound, in miniature, the same arc LAPTOP traced in ninety minutes.

Working in its favour: volume of US$1.05 million against a US$969.11K market capitalisation means the token turned over more than its entire value in a day.

The pressure point: the price sits 99.87% below its April 2024 high of US$1.04, and the move that lifted it rested entirely on a name it shares with a launch it had no part in.

Mother Iggy (CRYPTO:MOTHER) - An all-time low in the same week

MOTHER hit its all-time low of US$0.00032605 on 10 September, the day after LAPTOP launched.

The contrast with BODEN is the sharpest in this group. Where a political token spiked on association, Grafa shows the apolitical celebrity token down 72.91% over five days, 85.54% year to date and 87.64% over a year, to a market capitalisation of US$319.40K at a rank of 3971.

Volume was US$9.86K. The price of US$0.00033093 sits 99.86% below the all-time high of US$0.230559 set on 6 June 2024.

Linked to rapper Iggy Azalea, MOTHER is the control case: same size bracket as BODEN, same absence of development, but no political adjacency.

In the week BODEN turned over US$1.05 million, MOTHER traded US$9.86K and set a record low.

Working in its favour: 965.33 million of a 1 billion maximum supply is already circulating, leaving little further dilution ahead.

The pressure point: US$9.86K of daily volume against a US$319.40K market capitalisation, with the all-time low set this week and no catalyst of its own.

The bottom line

The shape repeats but the timing doesn't. LAPTOP compressed into ninety minutes the 98% fall that took TRUMP months, and did it while marketing itself to the people TRUMP had already cost money.

BODEN moved the other way, rallying 65.53% over a month on a launch it had no part in before dropping 45.40% in a day, while MOTHER set an all-time low in the same week.

None of the three was driven by anything the tokens did.

The structural issue is in one ratio: a US$144 billion fully diluted valuation against a US$48,000 liquidity pool. Market capitalisation here is supply multiplied by a price almost nobody can transact at.

The next test is regulatory, with US lawmakers pursuing restrictions on political figures issuing tokens.